Christian Angermayer, founder of Atai Life Sciences, suggests that cryptocurrencies like Bitcoin may be essential for biotech startups to navigate the lengthy regulatory approval processes faced in drug development. The firm, known for developing mental health treatments with psychedelics, plans to invest $5 million in Bitcoin to hedge against inflation and counter low-yield cash reserves, which he argues are crucial for survival during the current 'biotech winter.' Angermayer emphasizes that conventional strategies of preserving capital in low-yield accounts place firms at financial risk amid high interest rates. This move aligns with other biotech companies also turning to Bitcoin as a diversification strategy. With the industry seeing a rise in shutdowns due to funding failures, Angermayer advocates for the innovative use of cryptocurrencies to sustain operations while awaiting long-term drug approvals, which can extend over a decade.

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